The Bank of Russia kept its key policy rate unchanged at 14% per annum. The decision follows a gradual easing that began in June 2025, when the rate stood at 21%.
Annual inflation was 6.8% as of 19 October. The central bank expects year-end inflation of between 7.1% and 7.6%.
Inflation pressures persist
Price growth remains elevated in seasonally adjusted terms. The bank puts annualised growth at 4.8% in the second quarter and 8% in the third.
The statement says the permanent slowdown in inflation has not yet been achieved. Price pressure and inflation expectations remain elevated, and fuel prices have weighed especially on inflation.
Outlook and next steps
The bank forecasts an average policy rate of between 12.5% and 13.5% in 2027. It expects inflation to reach its 4% target that year.
The labour market is easing gradually and consumer demand growth is slowing. The bank said high inflation expectations make it harder to bring price growth down.
Future rate decisions will depend on inflation, inflation expectations and risks from domestic and external conditions. The next scheduled meeting is on 18 December.
Related: Bank of Korea holds rate at 3% as inflation stays elevated · Bank Indonesia holds BI Rate at 5.75%, raises deposit rate to 5%
Source: Bank of Russia
